Framingham-based clean energy infrastructure firm Ameresco plans to spin off its biofuels business into a joint venture with Maryland-based sustainable infrastructure investor HA Sustainable Infrastructure Capital.
The new joint venture will be called Neogenyx Fuels, the companies announced May 4. The new company will be 70% owned by Ameresco and 30% owned by HASI. An agreement between the companies has been signed, with a projected closing later this quarter.
As part of the partnership, Ameresco will contribute its biofuels business while HASI will invest $400 million. That investment includes $300 million for Neogenyx and a $100-million direct payment to Ameresco.
The enterprise’s post-money value is projected to be $1.8 billion.
Once finalized, Neogenyx would become one of the nation’s largest developers of biogas projects, the companies said.
Michael Bakas, president of renewable fuels at Ameresco, will become CEO of Neogenyx Fuels.
The companies cited a projected increase in demand for renewable natural gas over the next four years as an impetus for the partnership.
Monica Benevides is a correspondent for Worcester Business Journal.
